Weekly News 15 - 19 January 2024
Monday, 15 January 2024 (Financial Express) Crucial meeting on combating unauthorised trade between India and Nepal concludes; both sides decide to enhance trade infrastructure: Indian Embassy
India and Nepal concluded a joint meeting to combat unauthorized trade, emphasizing the need to review strategies for enhancing investments and developing commercial infrastructure. The India-Nepal Inter-Governmental Sub-committee (IGSC) on Trade, Transit, and Combating Unauthorized Trade called for improved cross-border connectivity, proposing the construction of integrated check posts and railway links.
The agenda included discussions on reviewing the Treaty of Transit and Treaty of Trade, proposed amendments, strategies for investment enhancement, harmonizing standards, and synchronized trade infrastructure development. The Indian delegation, led by Joint Secretary Shiv Vipul Bansal, emphasized the importance of an Intellectual Property Rights regime in line with the Paris Convention. Mutual market access for pharmaceuticals and Ayurvedic products was a key focus, with efforts to strengthen cross-border connectivity highlighted as a meeting highlight.
Tuesday, 16 January 2024 (Financial Express) Exclusive: How Modi’s ‘guarantee’ could usher in ‘best’ year for India-Singapore ties
Singapore has pledged a substantial Rs 27,000 crore investment in Gujarat during the Vibrant Gujarat Summit 2024, with a focus on emerging areas like semiconductors and green energy. Singapore High Commissioner Simon Wong highlighted a new project in Tamil Nadu, emphasizing the significance of testing net zero buildings and an industrial park in India.
Wong expressed optimism about India's growth and stressed Singapore's commitment to being a knowledge partner. He noted Singapore's cumulative investment of $120 billion in the past decade, highlighting a consistent annual contribution of $15 to $18 billion. Singapore, being India's largest investor for eight consecutive years, attributes its confidence in investments to the "Modi guarantee." Additionally, Wong elaborated on the upcoming net zero industrial park in north Chennai, aligning with India's push towards sustainability and technology testing.
Wednesday, 17 January 2024 (The Economic Times) Gujarat, Kerala, K’taka Offer Best Ecosystem for Startups
Gujarat, Kerala, and Karnataka have secured top positions in the States’ Startup Ranking 2022, recognized for their robust ecosystems supporting budding entrepreneurs. The ranking, released by the Department for Promotion of Industry and Internal Trade (DPIIT), evaluated 33 states and UTs across categories such as best performers, top performers, leaders, aspiring leaders, and emerging startup ecosystems. The assessment focused on seven reform areas, including institutional support, innovation, access to markets, incubation, funding, capacity building, and sustainability. Tamil Nadu, Himachal Pradesh, Maharashtra, Odisha, and Telangana were also lauded as top performers, showcasing India's diverse and thriving startup landscape.
Commerce and Industry Minister Piyush Goyal, unveiling the rankings, emphasized the need for states to register startups with the DPIIT and proposed measures for data sanitization and categorization based on sectors. With a total of 112 unicorns valued at Rs 30 lakh crore, India's startup ecosystem continues to flourish, as highlighted in the National Report released alongside the rankings. Looking forward, the DPIIT aims to integrate international collaboration and prioritize sectors based on states' strengths to further boost the startup economy.
Thursday, 18 January 2024 (Financial Express) Saudi crude price cuts unlikely to dent Urals demand
India's crude oil imports from Saudi Arabia may see a modest increase following the kingdom's reduction in the official selling price for its key export grade in February. However, demand for discounted Russian Urals is expected to surpass that for Saudi oil. Analysts suggest that additional large-scale purchases of Saudi crude by India are unlikely, as Iraqi barrels may offer a more cost-competitive option. Despite Saudi price cuts, Urals remains more attractively priced for Indian refiners, with a discount of close to $4 per barrel to Brent.
While India faced payment issues for Russian Sokol crude, the appeal of competitively priced Urals is expected to drive healthy demand from Indian refiners. Saudi crude's price rebound into March may make it less profitable for Indian refiners, leading to sustained interest in Russian oil. However, escalating tensions in the Red Sea remain a monitoring factor, as any flare-up in the region could influence Indian refiners to opt for safer purchases from the Middle East. Despite the geopolitical landscape, global oil prices are under pressure due to a bearish demand outlook, with rising tensions posing risks of supply disruptions and potential price volatility.
Friday, 19 January 2024 (mint) Japan to help India cut power sector emissions, build infra
Japan International Cooperation Agency (JICA), a major bilateral funder for India, is collaborating with the country on a roadmap to reduce carbon emissions in the power sector. The agency is also in discussions with central and state governments to finance projects enhancing connectivity with Bangladesh, Nepal, and Bhutan. JICA supports significant infrastructure and connectivity projects in India, including the Mumbai-Ahmedabad Bullet Train, Mumbai Trans Harbour Link, and road connectivity improvements in the North-East. Additionally, JICA is actively engaged in funding projects related to water, sanitation, power, forestry, agriculture, health, education, and sustainable development goals (SDGs).
The collaboration includes the formulation of a decarbonization roadmap for India's power sector, aligned with the country's goal of achieving 50% fossil fuel-free generating capacity and meeting 50% of electricity requirements from renewable sources by 2030. JICA is working with the Central Electricity Authority on planning policy formulation and power sector development. The agency is also part of the ambitious Bay of Bengal Northeast Corridor project, fostering connectivity and industrial value chains across India, Japan, and Bangladesh. Mitsunori emphasizes JICA's interest in funding more projects to enhance connectivity with Bangladesh, Nepal, and Bhutan in the future.
